TLDR
- Dogwifhat whale moved 1.2M WIF ($3.47M) to Coinbase after holding for 11 months
- Transfer occurs during market volatility with widespread crypto liquidations
- WIF currently trades at $2.87, seeing a 3.5% decline after the transfer
- Price sits 41% lower than previous peak of $4.85
- Analysis suggests potential upside to $10 by late 2025 pending market conditions
A prominent holder of Dogwifhat has transferred tokens valued at $3.47 million to cryptocurrency exchange Coinbase, marking one of the largest single movements of WIF tokens in recent weeks. The transaction details emerged as cryptocurrency markets navigate through a period of increased price swings.
On-chain monitoring service Lookonchain first reported the movement, identifying a transfer of 1.2 million WIF tokens to Coinbase’s wallets. The sending address, tracked on Solscan as 72X13Krh1nCM, initially purchased these tokens nearly a year ago for $393,000.
Market observers noted the movement’s timing aligns with broader cryptocurrency market fluctuations. Recent data shows total crypto liquidations reaching $1.76 billion, with Dogwifhat specifically experiencing $22 million in position liquidations over December 9-10.
The price of WIF reacted to the large transfer, moving downward by 3.5 percent to reach $2.87. During the trading session, prices ranged from $2.66 to $3.01, highlighting the market’s immediate response to the whale’s actions.
Current market data positions WIF at a 41 percent discount from its highest recorded price of $4.85. The token’s price movement reflects ongoing market dynamics and investor sentiment following the substantial transfer.
The whale’s investment strategy demonstrated remarkable returns, transforming an initial $393,000 position into $3.47 million over an eleven-month holding period. This growth illustrates the volatile nature of cryptocurrency investments.
Market activity for WIF increased notably after the whale’s transfer became public. Exchange data shows elevated trading volumes as market participants adjusted their positions in response to the news.
Chart analysts monitoring WIF have pointed to $4.00 as a crucial price point for future movements. Successfully moving above this level could open a path to retest the previous market high of $4.85.
Professional traders continue tracking WIF token flows between wallets and exchanges, as these movements often signal potential market activity. Large transfers to exchanges traditionally warrant extra attention from market participants.
The transfer takes place against a backdrop of market-wide price movements affecting various cryptocurrencies. Alternative coins have shown particular sensitivity to current market conditions.
Exchange data reveals WIF trading activity spread across multiple platforms and trading pairs. This distribution of trading volume helps maintain market efficiency during times of increased activity.
The token’s price action following the whale’s transfer shows immediate market reactions from traders. Both buying and selling pressure emerged as market participants evaluated the implications of the large token movement.
Previous WIF price data shows multiple instances of market recovery after large token transfers. However, traders note that market conditions vary with each new situation, making direct comparisons challenging.
WIF trading metrics indicate sustained market participation across exchanges, with particular focus on Coinbase following the recent transfer. Multiple trading pairs maintain active markets for the token.
Recent price charts for WIF demonstrate the interplay between buyers and sellers at various price levels. These technical patterns help traders understand potential future price ranges.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
